In the past 24 hours, XRP saw a significant 17% rise, outdoing the general crypto market which took a hit, notably with Bitcoin and Ether experiencing a 4% and 6% drop respectively. According to Cointelegraph Markets Pro and TradingView, XRP picked up from $0.6833 on Nov. 14 to a 16-month high of $0.8479, indicating its successful performance compared to the larger crypto market.
The catalyst behind XRP’s recent growth can be attributed to the changing US regulatory environment. Eighteen US states, including Nebraska, Tennessee, Wyoming, and Texas, lodged a lawsuit against the Securities and Exchange Commission (SEC) accusing it of “unconstitutional overreach” within the crypto industry. This lawsuit, along with the possibility of the SEC Chair Gary Gensler stepping down, has fanned the hopes of a crypto-friendly policy under potential US President Donald Trump. This sentiment bodes well for US-based tokens like XRP and Uniswap.
Amplifying XRP’s price rise on Nov. 15 was a considerable increase in its open interest (OI), an influential metric used to evaluate market sentiment and predict future price movements. According to CoinGlass data, XRP’s OI surged to $1.3, a 20% rise from previous figures. High OI usually signals that the current market trend affecting the underlying price is solid, hence driving investor confidence that the trend will persist.
Several traders foresee XRP leveraging this momentum for a sustained recovery and initiating optimistic double-digit price targets. Independent analyst Egrag Crypto suggests that if met with a crypto-friendly and clear regulatory environment, XRP could potentially skyrocket to around $11. Crypto technical analyst Mikybull Crypto also shared a promising chart showing XRP’s price breakout above a three-year descending trend line, signaling an incoming massive rally.
As XRP continues this bullish voyage, its most recent rally has denoted a change in key levels into support, including the 100-week and 50-week SMAs at $0.5278 and $0.5573, respectively. Strong buying from these buyer congestion zones will most likely help push XRP price higher, with $1 being the immediate goal for the bullish market.